Baltic Residential Marketview 2019/2020

In 2019 we saw high development activity in residential sector, especially in Tallinn and Vilnius, right now we can clearly say that during 2020 Baltic market will face a slow down, both in dwelling sales and development. Total value of residential market transactions in 2019 were close to EUR 3 bln and increased by 15% compared to 2018. Ongoing global situation already is putting downward pressure on asking rent rates in all three Baltic capitals, increasing long term rental apartment supply. In terms of new construction apartment asking prices Tallinn is leading the market, followed by Vilnius and Riga.

At the end of Q1 2020 some of the more than 5,600 short-term rental apartment unit owners across the Baltics are expected to shift to long-term rental business, due to travel restrctions in the region, putting pressure on long-term rent rates.

New residential development activity is decreasing, with some of major residential developers in the Baltics postponing construction starts, due to uncertainty in the market, a shortage of workforce and supply issues for materials, at the end of Q1 2020.

In 2019 total new development deliveries in the Baltic capitals were over 10,000 dwellings, for the second consecutive year, reflecting about the same amount as in 2018 and 19% more than in 2017.

Housing affordability in Riga remains the highest among the Baltic capitals, a record held since mid 2015.

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